HKMA and HKAB Host Successful Data Summit 2025 Focusing on Trade Finance and SME Lending Innovations

Data Summit 2025

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) successfully co-organised the Data Summit 2025 today (July 28). The Summit attracted around 800 senior executives and industry professionals from almost 100 public and private organisations, including government departments, banks, data specialists and partners of Commercial Data Interchange (CDI).

Themed "Empowering business and trade through advanced data infrastructure", the Summit explored how data infrastructure can enhance trade finance processes and facilitate small and medium-sized enterprise (SME) lending, thereby fuelling trade and commerce growth. The keynote addresses and panel discussions of the Summit focused on four key areas, including Project CargoX on trade finance, open government data, SME credit insights and cross-boundary data validation. 15 CDI partner institutions also showcased cutting-edge commercial data innovations and use cases through interactive exhibition booths, fostering industry collaboration and experience sharing.

At the Summit, the HKMA presented the latest developments and future roadmap of CDI, with key highlights including:

1. Project CargoX

The Expert Panel has welcomed new members (see Annex) to further enhance the digital ecosystem for trade finance; and

Six CargoX pilot banks (Note 1), participating in the Transport and Logistics Bureau's new trial phase of the Port Community System, have preliminarily validated the effectiveness of using cargo data to verify trade authenticity. This, in turn, helps streamline trade finance process and strengthen risk management. More innovative use cases are underway.

2.Open government data

The HKMA, the Government's Digital Policy Office (DPO) and the Commerce and Economic Development Bureau (CEDB) are collaborating closely on the planned connection with the CEDB's Trade Single Window Phase 3, which is targeted for roll-out in phases in 2026, via the linkage between CDI and Consented Data Exchange Gateway. This will enable users to authorise the sharing of their import and export declaration data with participating banks, with a view to expediting loan approvals; and

The DPO's Digital Corporate Identity (CorpID) Platform is set to launch progressively from end-2026. The HKMA will explore and design the application of CorpID for electronic signing in CDI, with the aim of streamlining the corporate authorisation process.

3.Credit insights

The HKMA is advancing a proof-of-concept (PoC) project on Commercial Credit Reference Agency (CCRA) 2.0, enabling the CCRA operator to build a corporate credit scoring model. Initial findings from the nine pilot banks (Note 2)indicate that the new model can effectively streamline the loan application process and reduce borrowing costs for SMEs.

4.Cross-boundary data validation

CDI successfully linked with the Shenzhen-Hong Kong cross-boundary data validation platform (the platform) (Note 3)in April this year. Banks have successfully connected to the new arrangement for the purposes of processing personal and corporate loan applications.

The Chief Executive of the HKMA, Mr Eddie Yue,said, "The HKMA remains dedicated to advancing Hong Kong's data infrastructure in partnership with heavyweight strategic stakeholders in the data ecosystem. By continuously fostering data interconnectivity and unlocking the potential of both traditional and alternative data, we empower financial institutions, data providers and SME traders to benefit from streamlined and efficient processes brought by data sharing. Looking ahead, our next-generation CDI data infrastructure will continue to optimise trade finance processes, spur trade and commerce innovation, as well as support SME growth, ultimately contributing to the development of the real economy."

The Secretary for Transport and Logistics, Ms Mable Chan,said, "The theme of this year's Data Summit aptly aligns with the country's strategic positioning of Hong Kong to consolidate its role as the three key centres of finance, trade, and shipping, using data as a key connector. The Transport and Logistics Bureau is developing the Port Community System in full steam to connect all stakeholders across the cargo shipment process and integrate sea, land, and air transport data to materialise full transparency of cargo status. We will continue to support the industry in leveraging the system to explore more use cases for financing, further facilitating cargo, trade and capital flows."

The Chairman of the Airport Authority Hong Kong, Mr Fred Lam,said, "Hong Kong International Airport (HKIA) is the world's number one cargo airport, a position we have held 14th times since 2010. To further enhance our competitiveness, we must continue to leverage the power of technology, and digitalisation of the air cargo supply chain is one of the key steps to achieve greater efficiency and enable value-added services. The Airport Authority's HKIA Cargo Data Platform, anchored on advanced technologies such as blockchain and smart contract, provides a trusted, intelligent platform that facilitates secured, seamless and paperless information exchange, efficient cargo process and innovative business solutions. Leveraging our platform's cargo data and in collaboration with the HKMA's CDI, we are able to facilitate SMEs' financing process and enhance credit risk management. We welcome continuous development in this area and anticipate further opportunities for collaboration with the HKMA and other business partners to develop Hong Kong into the region's leading e-commence fulfillment centre."

The Chairperson of the HKAB, Ms Mary Huen,said, "As Hong Kong undergoes economic restructuring, the banking industry is committed to providing SMEs with flexible and convenient financing to support their upgrading and transformation so as to remain competitive. The HKAB encourages its member banks to actively participate in the latest CDI-related initiatives led by the HKMA, including the PoC studies of Project CargoX and CCRA 2.0 as well as cross-boundary data validation pilot. The initiatives will streamline loan approval processes and improve credit risk management by leveraging government and industry data. We look forward to collaborating further with the HKMA and the relevant government departments to enhance the digital ecosystem of trade finance, with the objective of jointly strengthening our support to SMEs and promoting Hong Kong's economic development."

Note 1: The six CargoX pilot banks are: Bank of China (Hong Kong) Limited, Bank of East Asia, Limited, Hang Seng Bank Limited, The Hongkong and Shanghai Banking Corporation Limited, Shanghai Commercial Bank Limited and Standard Chartered Bank (Hong Kong) Limited.

Note 2: The nine pilot banks participating in the PoC on CCRA 2.0 are: Bank of China (Hong Kong) Limited, Bank of East Asia,Limited, China Construction Bank (Asia) Corporation Limited, DBS Bank (Hong Kong) Limited, Hang Seng Bank Limited, TheHongkong and Shanghai Banking Corporation Limited, OCBC Bank (Hong Kong) Limited, Shanghai Commercial Bank Limited and Standard Chartered Bank (Hong Kong) Limited.

Note3: The platform utilises blockchain technology and data coding (i.e. hash values), enabling document verification without involving any cross-boundary transfer or storage of the original documents. Its unique design provides banks with an innovative way to validate the data presented directly by customers. Since the platform was launched in May 2024, over 10 banks and credit reference agencies have already made use of its varied services to validate different types of personal and corporate data, including credit reports, tax reports, and Know-Your-Customer reports. To date, the platform has successfully facilitated SME loans in excess of HKD100 million.

Source: AI-found images

Data Summit 2025 Source: HKSAR Government Press Releases

Data Summit 2025 Source: HKSAR Government Press Releases

Data Summit 2025 Source: HKSAR Government Press Releases

Data Summit 2025 Source: HKSAR Government Press Releases

Source: AI-found images

CHP urges public to promptly receive seasonal influenza vaccination as another severe paediatric influenza infection case reported

The Centre for Health Protection (CHP) of the Department of Health (DH) today (January 18) recorded a severe paediatric influenza infection case. The CHP again reminded parents to arrange for their children to receive a free seasonal influenza vaccination (SIV) promptly. The SIV remains one of the most effective methods of preventing influenza and its complications, and can reduce the risk of serious complications or death from infection.

The case involves a 14-year-old boy with underlying illness. He developed a fever, shortness of breath and productive cough since January 16. He sought medical attention at the Accident and Emergency Department of Pamela Youde Nethersole Eastern Hospital on January 17 and was transferred to the paediatric intensive care unit for further management on the same day. He is currently in critical condition. His respiratory specimen tested positive for influenza A virus upon laboratory testing. The clinical diagnosis is influenza A infection complicated with severe pneumonia and septic shock.

A preliminary investigation revealed that the boy received the 2025/26 SIV only three days before onset of illness. As it generally takes two weeks for the body to develop sufficient protection after vaccination, the boy was not protected by the vaccine. Therefore, it is not counted as being vaccinated. The boy had no travel history during the incubation period. Two of his household contacts developed mild respiratory symptoms earlier. The nasal swab sample of one of the household contacts tested positive for influenza A virus via rapid antigen test. The symptoms were mild and hospitalisation was not required.

The summer influenza season just ended had recorded 25 severe paediatric influenza cases, including three fatal cases. The affected children were aged between 6 months to 17 years old. Among them, 20 cases (80 per cent) had not received an SIV (including one case who received the 2025/26 SIV only four days before onset of illness).

"The summer influenza season was ended. However, influenza activity may rise again as the weather remains cold in the first quarter of this year and it cannot be ruled out that the circulating virus strains may change as the winter influenza season approaches. Therefore, I once again urge all individuals aged 6 months or older, except those with known contraindications, to act promptly if they have not yet received an SIV. This includes those who contracted influenza during the summer influenza season in order to guard against other circulating virus strains that may emerge during the upcoming winter influenza season. Furthermore, although there are some antigenic differences between the currently circulating influenza A (H3) virus strain and the virus strain contained in the vaccine, scientific research indicates that this season's influenza vaccines can still offer protection against the variant strain of subclade K, as well as the influenza A (H1) and influenza B strains included in the vaccine," the Controller of the CHP, Dr Edwin Tsui, said.

"Although the influenza activity has declined to below the baseline level at the moment, outbreaks caused by influenza viruses still occurred in schools and residential care homes. For children who did not join the SIV School Outreach Programme, parents should promptly bring their children toprivate doctorsenrolled in the Vaccination Subsidy Scheme to receive an SIV. In addition, the SIV coverage rate for children aged 6 months to under 2 years is only about 23 per cent. Although this represents an approximate 4 percentage point increase compared to the same period last year, it is still much lower than that of other age groups. Through the Primary Healthcare Commission, the CHP has urged family doctors to assist in encouraging parents to allow their children to receive an SIV," Dr Tsui added.

He also reminded members of the public that, especially for children, the elderly and those with underlying illnesses, they should seek medical advice promptly for early treatment if they present with fever and respiratory symptoms. As children with influenza can deteriorate rapidly, parents must pay close attention to their children's condition. They should go to an Accident and Emergency Department immediately if the child's condition deteriorates, for example, if they develop symptoms such as shortness of breath, wheezing, blue lips, chest pain, confusion, a persistent fever or convulsions.

Separately, high-risk individuals should wear surgical masks when staying in crowded places. People with respiratory symptoms, even if mild, should wear a surgical mask and seek medical advice promptly. They should also consider whether to attend work or school.

In addition to issuing timely reminders to healthcare professionals and schools based on the latest seasonal influenza development, the CHP also uploads the latest seasonal influenza information on its website weekly. Members of the public can visit the CHP'sseasonal influenzaandCOVID-19 & Flu Expresswebpages.

Source: AI-found images